From the Pittsburgh Tribune-Review:
If the Waxman-Markey global warming bill becomes law, it will have a devastating impact on people but virtually no impact on the planet.
It's a massive energy tax in disguise that promises job losses, income cuts and a sharp left turn toward bigger government, concludes The Heritage Foundation.
By 2035, the bill would:
• Reduce aggregate gross domestic product by $7.4 trillion
• Destroy 844,000 jobs annually on average, with peak years seeing unemployment rise by more than 1.9 million jobs
• Raise electricity rates 90 percent after adjusting for inflation
• Raise inflation-adjusted gasoline prices by 74 percent
• Raise residential natural gas prices by 55 percent
• Raise an average family's annual energy bill by $1,500
• Increase inflation-adjusted federal debt by 29 percent ($33,400 additional federal debt per person).
But Waxman-Markey would result in virtually no difference regarding global warming. Climatologists have calculated the impact on temperature to be only hundredths of a degree in 2050 and no more than two-tenths of a degree at the end of the century.
The cost-benefit analysis clearly indicates that this latest Gang Green scheme is all cost and no benefit. Some way to "save" the planet, eh?
-D
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